Are Blood Elves still in Horde or they're a 3rd faction right now? I'm pretty sure there isn't a single BELF on the whole Pandaria. Both Horde and Alliance discover new land which they want to conquer and Blood Elves just sit in Silvermoon and do nothing. I know that they will take part in 5.1 lore but not seeing them on Pandaria is just silly. Is Blizzard lazy or did I miss something?

Blood elves are part of Garrosh's forces in 5.1. It's the tauren, Forsaken, and trolls you don't see (except the 2 rares inside Domination Point) due to Garrosh's dislike of those 3 races.